"When the bitcoin misery index is at 'misery' (below 27), bitcoin sees the best 12-month performance," Fundstrat Global Advisors co-founder Thomas Lee said in a Friday report. "A signal is generated about every year." The bitcoin misery index is at 18.8, its lowest since Sept. 6, 2011, the report said. "Think of this index as a way to measure how happy or sad you are owning bitcoin ," Lee told CNBC on "Fast Money" Friday evening.
As of Friday the index was around 18.8 on a scale of 100, "telling us that bitcoin holders are miserable," right now, said Lee, who pointed out that it was the lowest reading since Aug. 2011. ( https://www.cnbc.com/2018/03/09/wall-str... )
Sentimentanalysis is one part of market analysis. The BTC chart today is indicating a possible reversal pattern wich might confirm the Bitcoin sentiment based buy signal.
Bitcoin Misery Index:
Market Sentiment Analysis:
Moves like this are at least a sign of bottom building. Next move should be to the upside.
Google says it will ban cryptocurrency ads
BTC at SL Order Level 8,3. Trade closed - risks to high.
Update was made on time here:
Finance ministers and central bankers of the Group of 20 major economies are set to meet in Argentina this weekend and are expected to discuss policy on cryptocurrencies.
Bitcoin briefly dipped below the psychologically key level late Thursday morning New York time on Coinbase, the leading marketplace in the U.S. for buying and selling major cryptocurrencies.
Bitcoin fell Wednesday after Google said it would ban advertisements for cryptocurrency-related products beginning in June. https://www.cnbc.com/2018/03/15/bitcoin-...
(please click on the chart to load facts & figures)
This has both good and bad indications for investors here. Bad in that we won’t see much new money flowing into a fearful market. Good in that we are flushing out the weak holders.
I am still bullish long term despite the current conditions. People can’t see the forest for the trees. Scale out. Do research. Use your head. I’m not selling because my portfolio loses 70% value. Why? I know where this is going in the longer term. I’m not going to sell at a loss when I know this is just a temporary situation. It’s natural for markets to go through good and bad times. If you can’t handle the volatility and dips, then get out of the market and stay out. Crypto markets are not for emotional people. They will get eaten alive.
The strong will keep their investments, they’ll buy low when everyone else is scared, and they’ll stick it out. And they’ll profit when everyone else has given up and given in to FUD.
Strong hands, serious investors, stay strong. Don’t sell at a loss like all the weak ones. That’s exactly what the big guys want. And they’re getting their way because of all the weak hands here.